FxWirePro: GBP/USD trades higher as strong UK economic data raises hopes of Aug rate hike by BOE, markets eye US Fed minutes meeting for further direction
GBP/USD recovered sharply in this week from low of 1.30953 made on Jul 2nd 2018.Cable recovered more than 150 pips and is currently trading at 1.32445. The major UK economic data released this week came slightly better t…
GBP/USD recovered sharply in this week from low of 1.30953 made on Jul 2nd 2018.Cable recovered more than 150 pips and is currently trading at 1.32445. The major UK economic data released this week came slightly better than expected. UK manufacturing ,services and construction PMI data came stronger. The strong economic data has raised hopes of rate hike in Aug.
Technically near term resistance is around 1.3260 (20- day MA) and any convincing break above will take the pair till 1.3300. The pair should close well above 1.3300 on daily basis for further jump till 1.3400/1.3465.
On the lower side, near term major support is around 1.315 (trend line support) and any break below will target 1.3100/ 1.3045 (trend line support)/1.3000.
It is good to buy on dips around 1.3225-30 with SL around 1.3170 for the TP of 1.3400.
